Not included in the Pyramid's sale plans are the 1.6 million-sf Carousel Center here and Destiny USA, a mammoth retail-entertainment-resort in Syracuse that has not gotten off the ground despite years of planning, and a handful of others. Pyramid executives have reportedly hired Goldman Sachs to help with a potential deal.
The Bank of America report says that the two likeliest REITs to show interest in the portfolio are Chattanooga, TN-based CBL &Associates and Pennsylvania Real Estate Investment Trust, of Philadelphia, neither of which returned calls before GSR's deadline. "We would characterize Pyramid's portfolio as primarily Class B malls located in middle markets," says the report, explaining that they would fit in with the portfolios of CBL and PREIT. "Many of the malls are the dominant retail center in their respective trade area."
Four of the centers for sale are in Massachusetts, while the rest are in New York. A majority of the properties in Pyramid's portfolio are anchored by J.C. Penney, as well as other various national tenants.
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